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Home / Author Archives: M. Faizan

Author Archives: M. Faizan

Finance ministry recommends imposition of penalty on non-, late filers

tax returns

ISLAMABAD: Ministry of Finance has identified internal control weaknesses in Federal Board of Revenue (FBR) and emphasized to ensure imposition of penalty on non- and late filers of tax returns and maximize the assurance level to safeguard the public exchequer through post-refund audit. It is important to mention here that the Federal Board of Revenue has a Director General of ... Read More »

44 units of AFU causes loss of Rs5.429m to national kitty

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ISLAMABAD: It is disclosed in a report by Federal Board of Revenue that 44 units of Deputy Collector Customs, AFU, Airport, Lahore failed to submit the export documents against temporarily exported goods which resulted in loss of government revenue of Rs 5.424 million. Sources told Customs Today that FBR has directed customs Collectorate that issued them notices and recovered the ... Read More »

FBR directs Customs to expedite process of auction of goods & vehicles

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ISLAMABAD: Federal Board of Revenue (FBR) has directed to all customs collectorates to expedite the process of auction of confiscated vehicles and other goods and actively pursue the court cases. Sources told Customs Today that it has been disclosed in a report by Federal Board of Revenue that certain Collectorates of Customs did not auction confiscated good/vehicles since long. The ... Read More »

FBR announces to increase limit of punishment in TP related crime: Zahid Khokhar

zahid-Khokar

ISLAMABAD: Federal board of Revenue (FBR) has increased the limit of punishment and the penalty in the crime related to transshipment. A new law has been introduced in this regard and FBR high ups hoped that after this initiative transshipment related crime percentage will be reduced. Sources told that customs authorities received complaints that facility of transshipment was misused badly. ... Read More »

FBR amends section 83 of Customs Act 1969 to facilitate importers

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: Federal Board of Revenue (FBR) has provided a big relief and facility to importers through amendment in the section 83 of the Customs Act 1969. According to the details, Federal Board of Revenue has empowered the collector of customs that he/she may release imported goods regarding the offence in which imported goods are not liable to confiscated. Now concerned ... Read More »

Govt all set to announce export package next week: Miftah Ismail

Miftah Ismail

ISLAMABAD: The federal government has decided to announce the export package. The package will be announced within next four to five days. reliable sources told Customs Today on Friday. Federal Minister for Finance and Revenue Miftah Ismail has directed the high ups of the finance ministry and Federal Board of Revenue to disburse the outstanding refund of Rs.100 billion among the ... Read More »

FBR to create taxpayer friendly system of taxation: Member FATE Nausheen Javaid Amjad

Photo of Member Fate

ISLAMABAD: A group of students of Department of Government and Public Policy from the School of Social Sciences and Humanities at National University of Sciences & Technology (NUST) visited FBR House to learn about the working of FBR and its role in fiscal policy, tax collection and revenue generation. Member Facilitation and Taxpayers Education (FATE) Wing FBR Ms. Nausheen Javaid ... Read More »

NA Finance Committee directs FBR to hold meeting with industrial & commercial importers

Photo of Standing Committee on Finance

ISLAMABAD: The Finance Committee of national Assembly has recommended to FBR to arrange a meeting with the stakeholders of industrial and commercial importers at the earliest. The committee recommended that suggestions received from real estate, construction sector and Pakistan Automative Manufacturers Association (PAMA) may be forwarded to FBR for favorable consideration. The meeting of the Standing Committee on Finance, Revenue ... Read More »

FBR Member Dr. Iqbal advises non-filers to take advantage of tax amnesty scheme

Photo MP FBR Dr Iqbal 3

ISLAMABAD: Federal Board of Revenue (FBR) Member Inland Revenue Policy Dr. Muhammad Iqbal has warned the tax evaders that tax amnesty scheme date will not be extended, therefore, they should take advantage and declare their moveable and immovable assets, otherwise action will be take against them after end of the scheme Talking to Customs Today, Dr. Iqbal said that amendments ... Read More »

Difference of tax receipts between FBR and SBP stands at Rs16099.93m

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ISLAMABAD: Variation in the figures of tax receipts (net) of direct and indirect taxes between the Federal Board of Revenue and the State Bank of Pakistan is Rs16099.93million. The lapse was pointed out after the scrutiny of the record of the State Bank of Pakistan maintained by Main Office, Karachi, and Director Research and Statistics, Federal Board of Revenue. As ... Read More »

AGP launches inquiry into hirings made during 2010-11 to 2014-15 in KPT

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ISLAMABAD: The Auditor General of Pakistan has started an inquiry into the appointments made during 2010-11 to 2014-15 in the Karachi Port Trust. An inquiry into the matter is also underway in the ministry of port and shipping. There were 1450 appointments made against various posts in the Karachi Port Trust in scales 1 to 8 and Basic Scales 09 ... Read More »

FBR proposes hike from five to 10pc duty on luxury items in upcoming budget

budget proposals

ISLAMABAD: The Federal Board of Revenue has suggested an increase of five to 10 percent duty on cigarettes and imported food, electronic items and use of luxury articles including milk powder, chocolates, energy drinks, pet foods, cheese, Juicers, blenders, air-conditioners, microwave ovens, electric ovens, LCD TVs, toys and all kinds of cosmetics in the coming budget of Financial Year 2018-19. ... Read More »

Trade Dispute Resolution Act, 2018 to promote global trade with Pakistan

Photo of Standing Committee on Commerce and Textile

ISLAMABAD: The National Assembly Standing Committee on Commerce and Textile, discussed the draft Trade Dispute Resolution Act, 2018 aimed at providing swift and effective resolution of disputes relating to the export as well as import. Committee met here with Siraj Muhammad Khan in the chair and observed that the act would help in promoting international trade in Pakistan by aligning ... Read More »

Taxpayers from salaried classes excluded from FBR’s audit list

Photo 2 of Balloting

ISLAMABAD: The Federal Board of Revenue (FBR) has announced that the taxpayers from salaried classes, including government officials and private sector employees, have been excluded from the FBR’s audit list. Chairing the ceremony for Computerized Balloting for Audit, Advisor to PM Haroon Akhtar Khan said that tax amnesty scheme is in the interest of Pakistan and it has not been ... Read More »

RIMS to help make economy documented: Haroon Akhtar

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ISLAMABAD: The Federal Board of Revenue (FBR) has sought information from the Civil Aviation Authority, mobile phone companies, National Data base Registration Authority (NADRA) and commercial banks to bring tax evaders into the tax net, said Haroon Akhtar Khan, Special Assistant to the Prime Minister on Revenue. Addressing the participants at the launching ceremony of Restaurant Invoice Management System (RIMS) ... Read More »

Tax amnesty scheme will pave way for rapid national development: Haroon Akhtar

Haroon Akhtar Khan 1

ISLAMABAD: Special Assistant to Prime Minister on Revenue, Haroon Akhtar Khan has said the recent tax amnesty scheme is different from the schemes announced earlier and it will pave the way for rapid national development. While speaking at a pre-budget meeting at Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Haroon Akhtar Khan said that the scheme has been ... Read More »

ABAD welcomes acceptance of proposal by PM on property tax

Shahid Khaqan Abbasi1

ISLAMABAD: Association of Builders and Developers of Pakistan (ABAD) Chairman Arif Yousuf Jeewa has welcomed the announcement of unified property tax by Prime Minister Shahid Khaqan Abbasi and said that they were glad to hear that the Prime Minister accepted their proposal regarding property tax. Taking to Customs Today , the ABAD chairman said that ABAD was working since the ... Read More »

Govt has doubled country’s GDP growth, tax revenues: Haroon Akhtar

Photo of SA to PM on Revenue Senator Haroon Akhtar Khan along with FBR Chairman and Members 1.

ISLAMABAD: Special Assistant to the Prime Minister on Revenue/Federal Minister Senator Haroon Akhtar Khan has said the government has doubled the country’s GDP growth as well as the tax revenues and halved inflation during the last five years. “The economic indicators themselves are a proof of the gains we have achieved on these fronts and this has been made possible ... Read More »

Customs AFU surpasses FED collection target by 74.47pc

tax revenue

LAHORE: Customs Air Freight Unit (AFU) Allama Iqbal International Airport (AIIA) surpassed revenue collection target of Federal Excise Duty (FED). According to the details, Federal Board of Revenue assigned revenue collection target of Rs880 million to Air Freight Unit, while the AFU successfully collected Rs954.47 million, which is more than the assigned target. The Customs Air Freight Unit was assigned ... Read More »

FBR registers 16% growth in first nine months

FBR Chairman Tariq Mahmood Pasha 1

ISLAMABAD: Federal Board of Revenue is struggling hard to achieve the revenue target of current financial year but it seems difficult because in last quarter FBR would have to collect Rs1400 billion to meet the set revenue target for 2017-18. According to Federal Board of Revenue, during first nine months of the current financial year, the board recorded a provisional ... Read More »